THE WEEK ON JEWEL MARKET (5 JAN 2023)

JEWEL MARKET The week on

The Show:

India’s leading jewellery show signature IIJS is all set for its 15th edition from 5-9 January 2023. In the last decade the show has carved a niche for itself in the jewellery industry making it the second most awaited trade show in the country. The show of annual frequency, the 15th Edition, would accommodate about 2500+ Booths & about 1500+ exhibitors’ showcases spread in the area of 30,000 Sq mtrs.

Looking at previous trek, it is expected to see visitors from 455+ cities, towns, pan India & 55+ countries at Venue Bombay Exhibition Centre, Off Western Express Highway, Goregaon (E), Mumbai 400063 at signature IIJS 2023-organised by The Gem & Jewellery Export Promotion Council.

Signature IIJS is India’s top-of-the-line jewellery show, showcasing the best

jewellery collections by the country’s leading manufacturers. Exhibitors would showcase the focussed product – jewellery of the highest standards of design, craftsmanship and of finishing. The dome would offer just what buyer need to revitalize their inventory for the year ahead!

India’s jewellery manufacturing strengths are now established as a reliable and competitive source which retailers and consumers the world over have come to appreciate. Visiting Signature IIJS is a profitable step to growing a business. The show is compact enough to fully explore sourcing opportunities and, with a large

number of new participants, it is the ideal platform to develop additional contacts. It is also an opportunity to enjoy exclusive Signature IIJS ambience and hospitality.

One Venue Two show:

The 9th edition of India Gem & Jewellery Machinery Expo (IGJME)–one of the leading gem and jewellery (GJ) technology fairs to be held in conjunction with the 15th edition of Signature IIJS on the same dates and at the same venue. Concurrently, the visitors would witness IGJME, Asia’s largest gem & jewellery technology fair.

JEWEL MARKET The week on

QUOTES OF THE WEEK

Laxmi Diamonds Bengaluru organized felicitation Ceremony to acknowledges to Mr. Dinesh Lakhani

“This is yet another commendable achievement by the Government of India that will be instrumental in accelerating growth for Gem & Jewellery sector. The IndiaAustralia ECTA will boost the bilateral gem and jewellery trade to double from the present value of US$ 1.27 billion to US$ 2.5 billion over the next 3 years. 0% duty on jewellery products made up of gold, silver and imitation Jewellery exported to Australia will provide a fillip to these products. An additional trade of US$ 1 billion is likely to generate employment for 88,000 workers in India. While the gem & jewellery products have got free access to Australia, the Govt. has protected the domestic industry by not decreasing import duty on gold/silver/ platinum jewellery.”

acknowledges to Mr. Dinesh Lakhani (Kiran Gems) on 1st Day of IIJS Signature Show, was held at Bombay Exhibition Centre Mumbai. Guest of honour Mr Vipul Shah, GJEPC Chairman & Shri Pruthviraj Kothari, National Vice President IBJA acknowledges Mr. Dinesh Lakhani with Momentous.

Shri Surendra Mehta, National Secretary, IBJA, Mr. Saurabh Gadgil, MD & CEO, PNG Jewellers, Mr. Sumesh Wadhera Chief Editor, Art of Jewellery, Mr Rakesh Jain & Mr Lalit Jain from C A Publication

Dr Chetan Kumar Mehta (CMD Laxmi Diamonds Bengaluru) addressed emphasis of Event to the audience. He explained the commendable best social initiatives to arranging event “Papa ni Pari” & make very memorable day in needy girls’ life.

On the successful accomplishment of Papa Ni Pari, a great social initiative by Maruti Impex Foundation of getting 552 fatherless daughters married on 6th November 2022 in the presence and with blessing of Hon’able Prime Minister of India, Shri Narendra Modi. Mr. Suresh Lakhani, Mr. Dinesh Lakhani a top diamond merchant and philanthropist and Mr. Divya Lakhani of Maruti Impex Foundation was organized an outstanding event called “Papa ni Pari ‘’ where they had getting 551 fatherless daughters married in a luxurious manner regardless of their caste, race or creed. Hindu, Muslim, Christian girls was all welcome under the same roof for marriage. Those who can’t afford the financial burden of marriage can also came to Papa ni pari and getting married.

Mr. Vipul Shah, Chairman, GJEPC

Laxmi Diamonds, Bengaluru one of leading Jewellery company of our industry organized felicitation Ceremony to

attended the event & few of the Honorable Guests who also showed their presence.

JEWEL MARKET The week on

Golay Buchel Trading Company, India’s Largest CZ

Diamonds Importer forays into its next league of progress, by joining hands with its First Manufacturer Brand Associate Amy Jewellery Designers

Golay Buchel Trading Company is a Leading Importer of the best quality Cubic Zirconia (CZ) Diamonds “Golay Buchel” in India. With its unique existence in the industry ever since 1887, the brand has always aimed to offer a unique and understandable global fashion vision & to this vision is an extended hand of craftsmanship that is AMY Jewellery Designers, a reputed jewellery manufacturer from Cochin, Kerala.

Jewellery marks a special moment in one’s life. It symbolises memory and helps stop time. But, when the same piece of jewellery is embedded by CZ Diamonds from Golay Buchel & expertise combined with that of AMY, it is very important to change the narrative of the industry for CZ Diamonds

and introduce more life and vibrancy into it. Golay Buchel has successfully forayed into the sector by adding another feather to its cap.

Behind every success comes progress. Golay Buchel Congratulates & Welcomes AMY Jewellery Designers into the family as its Manufacturer Brand Associate. The new manufacturer brand associate aims to launched today its new jewellery collection at IIJS Signature 2023 that showcased, CZ Diamonds by Golay Buchel well-studded in the jewellery collection by AMY at the event from 5th to 9th January 2023.

AMY Jewellery Designers new collection was unveiled by Mr. Nishad A K (Group Executive Director), Malabar Gold along with National President IBJA, Mr. Prithviraj Kothari

Nitesh Sanghavi CEO-Director India

(RSBL), Mr. Chetan Mehta, National Vice President IBJA, Mr.Surendra Mehta, Secretary IBJA.

The event was initiate at Hall No. 01 & Stall No: A2 at the Bombay Exhibition CentreMumbai in the presence of Mr. Jeevan Jain- Director & Mr. Nitesh SanghviCEO- Director, GB ( India) along with Mr. Sachu Russak (CMD)- Chairman & Managing Director- AMY Jewellery Designers along with Mr. Balanchandar Rangarajan- General Manager, Operations AMY Jewellery Designers & the Super Stockist of Golay Buchel, India - Mr. Naman Gupta from Rajendra Jewellers, Hyderabad, along with other dignitaries of the industry including B2B media & others at IIJS Signature 2023.

“We’ve experienced a lot of exciting growth over the year 2022,” says Mr. Nitesh Sanghvi CEO of Golay Buchel India”. Now, with the addition of an associate with us we can continue our evolution into a different horizon. My ultimate goal is to see Golay Buchel progress & grow in tangent with the industry”.

The week on

JEWEL MARKET

Saiyam Mehra is GJC’s New Chairman and Rajesh Rokde, Vice Chairman

All India Gem And Jewellery Domestic Council or GJC has announced that Saiyam Mehra is the new Chairman and Rajesh Rokde the Vice Chairman. All India Gem And Jewellery Domestic Council or GJC is a national trade federation for the promotion and growth of trade in gems and jewellery across India. Recently an election to vote for the COA or the Committee of Administration was held, where office bearers holding various Panels and Zones were elected. GJC is a federation that has come together, for managing various aspects of fair trade practices and efficient organization of business.

Gold prices likely to rise towards Rs 62,000 per gm in 2023

Demand for gold in 2023 is likely to rise due to geopolitical uncertainty coupled with the looming risk of recession, according to ICICI Direct Research.

Historically, gold as an asset is considered to be safe as it typically manages to retain or appreciate its underlying value in times of turbulence.

“Gold prices are likely to rise mainly on the back of weakness in the dollar as the US Fed is likely to pause on rate hikes early next year and may even cut rates in Q4 2023,” ICICI Direct Research said in its Commodity Outlook 2023 report.

Also, concerns over weaker global economic growth and geopolitical tensions will continue to make gold valuable as a hedge against uncertainties, the report said.ICICI Direct Research expects gold prices to rise towards ₹62,000 per gm in 2023.

Currently, gold is trading around ₹55,000 per 10 gm, India Bullion & Jewellers Association data showed. Earlier this year, a sharp rise in interest rates by the US Fed and other central banks in order to rein in the high inflation melted international gold prices to a nearly one-year low.

In India too, the prices of the yellow metal in physical markets fell to a multi-month low and fell below the psychologically crucial level of ₹50,000 per 10 gm.

Monika Biernacka Joins GSI as Executive Vice President of Operations

Gemological Science International or GSI, one of the largest gemological organizations in the world and a global leader in diamond and jewellery certification, announced today that Monika Biernacka will join the organization as Executive Vice President of Operations. “I am thrilled to welcome Monika to GSI,” says Debbie Azar, President and Co-Founder of GSI. “Our team is made up of leaders from the diamond and jewellery industry, and I am confident that Monika’s experience and vast industry knowledge will help GSI achieve continued growth and success.”

With 30 years of experience in the gemological laboratory sector, she was responsible to oversee client relationships and programs. At GSI, Monika will focus enhancing GSI’s client experiences, developing and executing new sales and operational initiatives. “I am delighted to join such an esteemed and prestigious global gemological organization,” says Monika Biernacka, Executive Vice President of Operations, GSI. “The GSI brand continues to build consumer trust and confidence in our industry through its integrity and innovation. I look forward to creating new opportunities that will be beneficial for GSI, its clients and the entire diamond industry.

informed and stay connected with us.”

BVC Logistics handles India’s first Export under ECTA

The shipment was sent within hours of ECTA coming into force on 29th December 2022 for its client Venus Jewel. Earlier this year, BVC achieved another milestone of facilitating the first consignment under the CEPA agreement between India and UAE.

Bhavik Chinai, Group CEO, BVC, said, “BVC is proud to facilitate yet another milestone for our industry by enabling the first exports from both BDB (Venus) and SEEPZ (Jewelex) to Australia under ECTA, which is India’s second trade agreement in 2022 in which we enabled the first exports. Team BVC is committed to enable logistics solutions to enhance the jewellery industry’s contribution toward the export goal of the country.”

Steep discount in domestic spot gold to bank raises eyebrows

Spot gold prices in the domestic market have been trading at a steep discount to the metal’s bank rate for an extended period, a departure from the typical premium it trades at, especially during the wedding season.

Spot gold was trading at an $18-25/ounce (approximately 31g) discount, against a typical premium of $1, for a record 40 days now because of a supply-demand mismatch driven by a sharp jump in price, rise in circulation of recycled gold, a trade pact with the UAE that facilitates import of the metal at lower duty, and suspected leakages, traders said. Gold of 99.5% purity has risen 10% in the past two months to Rs 55,359 per 10g on 3 January, according to the India Bullion

and Jewellers Association (IBJA), whose rates the Reserve Bank of India uses to price sovereign gold bonds.

The discount works out to a whopping Rs 48,000-66,700 per kg based on Monday’s dollar-rupee closing rate of 82.75. Debajit Saha, lead analyst at Refinitiv Metals, pegged the discount at $25-30 an ounce, which he says has “distorted” the market.

BVC Logistics, a leading secure logistics company, announced the successful shipment of the first export under the India-Australia Economic Cooperation and Trade Agreement (ECTA).

The week on

JEWEL MARKET

Senco Gold & Diamonds, the largest organized jewellery retailer in Eastern India (based on the number of stores) organised a Nation-wide plantation driveto welcome the New Year with renewed hope and gratitude. Over 1000 saplings were planted by Senco Teams across all stores in different regions of the country, including 300 saplings across its stores in Kolkata. Senco Gold & Diamonds also took this occasion to spread the message of love, hope, mutual respect by bringing in harbingers of peace and prosperity under one roof.

With an impressive network of over 295 outlets spread across 10 countries, Malabar Gold and Diamonds has unveiled their new showroom at Hamad bin Abdulla Road, Fujairah.

The showroom was inaugurated by brand ambassador and bollywood actor Anil Kapoor in the presence of Abdul Salam K.P, vice-chairman of Malabar Group; Shamlal Ahamed, managing director for international operations, Malabar Gold and Diamonds; Veerankutty K.P, Malabar Group executive director; Mayankutty C, senior director of Malabar Group; Ameer CMC, director of finance and administration, Malabar Gold and Diamonds; A.K Faisal, head of manufacturing, Malabar Gold and Diamonds; other senior Malabar Gold and Diamonds management team members, customers and wellwishers.

The week on

JEWEL MARKET

Piyush Goyal Flags off the first consignment under India-Australia ECTA from Mumbai

Marking the beginning of yet another successful FTA, Hon’ble Union Minister Shri Piyush Goyal flagged off the first consignment under the India-Australia Economic Cooperation and Trade Agreement (ECTA) on 29th December at Mumbai. Dispatchment of consignments under IndiaAustralia ECTA was held simultaneously from Mumbai, Surat and Chennai.

Along with Shri Piyush Goyal, the flag off ceremony at Mumbai was held in the presence of Mr. Rajesh Agrawal, Additional Secretary, Department of Commerce; Ms. Monideepa Mukerjee, Director General, PIB, Mumbai; Mr. Shyam Jagannathan, Zonal Development Commissioner, SEEPZ, Mumbai; Mr. R.K Mishra. Additional DGFT , Mumbai , Mr. Tapan Mazumder , Addl DGFT, Mr. Vipul Shah, Chairman, GJEPC, Chairman of several EPCS , other Govt. officials and Media

Mr. Piyush Goyal, Hon’ble Minister of Commerce & Industry said, “With this agreement with Australia entering into force, that makes it two agreements within a calendar year. It’s a matter of great joy and celebration for all of us. There is a lot of potential for exporting finished products to Australia as they’re largely a raw material and intermediate producing country. So, it’s a complete win-win. Many of the products being manufactured in India, are providing huge amount of work and job opportunities for businesses both in merchandise and in services.”

Mr. Rajesh Agrawal, Additional Secretary, Department of Commerce, “ECTA brings together two large economies of the world. Two countries are hugely complimentary to each other in nature. Import of raw materials on Nil duty will boost our manufacturing sector immensely.”

The India-Australia ECTA aims to significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the people of the two countries.

Indian exports will benefit from preferential zero duty market access in Australia for 100% of its tariff lines, which will benefit India’s labour-intensive sectors such as gems and jewellery, textiles, leather, footwear, furniture, food, and agricultural products, engineering products, medical devices, and automobiles.

On the other hand, India has provided preferential access to Australia on over 70% of its tariff lines, which are primarily raw materials and intermediaries such as coal, mineral ores etc., which are required for our domestic manufacturing industry.

The negotiation with Australia for an FTA was based on the suggestions and recommendations taken from every stakeholder across the industries. It is expected that it will yield similar result as we get to see from India-UAE CEPA, which helped India achieve overall exports growth of 20% growth to UAE. Gem & jewellery exports to UAE has seen a growth of 25% till date.

“The swift pace of change in the regulatory environment for international trade is providing a strong tailwind to the export sectors in India. It is incumbent on the trade to now draw maximum value from the Govt.’s supportive foreign policy framework.”

Mr. R K Mishra, Additional Director, Directorate General of Foreign Trade (DGFT)

“FTAs would really bring a boost to the exports from the country as it will give a competitive edge to India exporters catering to Australia and for that matter to UAE. I do hope we have similar FTAs with other leading countries soon which have large gem & jewellery trade with India.”

First Jewellery consignment Exporter Mr. Ramniklal Shah, Partner & founder, Venus Jewel

“We’re honoured to be the first company from SEEPZ to export under the IndoAustralia ECTA. I’m sure there will be many more to follow and benefit from this gamechanging policy that gives Indian gems and jewellery zero duty market access and creates vast opportunities for our exporters.”

First Jewellery consignment Exporter under Ind-Aus ECTA Mr. Ashish Kothari, Director Jewelex India Pvt Ltd

“Stay informed and stay connected with us.”